26 March 2018
Where are we in the Cycle?
Cyclical progress continues to depend on a stronger growth profile than
is currently anticipated. The better productivity outcomes needed to spur
an improvement in growth remains hard to foresee leaving major economies
closer to their output potential. Unusually constrained metal supplies, a
weakening US dollar and supportive monetary policies in all major economic
regions have dominated recent market conditions but cannot be counted on for
future support.
More...
Market Directions
Receding commodity prices (along with a likely negative return in the
March quarter from international equity prices) have added to the negative
pressures on sector returns with similar impacts among the largest and
smallest stocks over the past month. The majority of stocks in the sector
remain cyclically depressed despite more supportive funding conditions for
higher risk businesses.
More...
Portfolio Performance and Positioning
Portfolio returns in the past week underperformed the market benchmark
(although remain stronger than the benchmark for the month to date). The
macro portfolio has been tilted toward the smaller end of the market where
there is less correlation with broader equity market conditions but where
volatility is typically higher. A significant cash position remains. No
further changes have been made to the models in the past week.
More...
Stock Reviews and Rating Analysis
PortfolioDirect rating reports analyse the quality and risk
attributes of proposed mineral developments. Rating criteria apply to mining and oil and gas stocks at any stage of
development. PortfolioDirect uses a five point rating
scale to measure the risk adjusted quality of proposed mineral developments
or companies.
More...
The 'Steak or Sizzle' blog provides summary judgements on
the top performing ASX-listed resources stocks.
More...